Oddo BHF reiterates its 'outperform' opinion on Lanson-BCC with an adjusted price target of €47 to €45, saying it remains relatively cautious at this stage for 2024 due to the uncertain evolution of the champagne market.

However, the consultancy believes that 'Lanson-BCC's business should benefit in part from the upturn in volumes at Chanoine Frères and the pursuit of its value strategy (price increases are planned)'.

Despite this slowdown in the second half of the year, after a record year in 2022, we remain convinced that the premiumization and range-tightening work already underway should help to improve the Group's fundamentals", he adds.

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